<
https://www.motherjones.com/environment/2023/02/exxonmobil-shell-bp-chevron-2022-profits-unprecedented-climate/>
"While 2022 inflicted hardship upon many people around the world due to soaring
inflation, climate-driven disasters, and war, the year was lucrative on an
unprecedented scale for the fossil fuel industry, with the five largest western
oil and gas companies alone making a combined $200 billion in profits.
In a parade of annual results released over the past week, the “big
five”—ExxonMobil, Chevron, Shell, BP, and TotalEnergies—all revealed that last
year was the most profitable in their respective histories, as the rising cost
of oil and gas, driven in part by Russia’s invasion of Ukraine, helped
turbocharge revenues.
ExxonMobil, the Texas-based oil giant, led the way with a record $55.7 billion
in annual profit, taking home about $6.3 million every hour last year.
California’s Chevron had a record $36.5 billion profit, while Shell announced
the best results of its 115-year history, a $39.9 billion surplus, and BP,
another London-based firm, notched a $27.7 billion profit. The French company
TotalEnergies also had a record, at $36.2 billion.
When the 2022 results for all publicly traded oil and gas companies are tallied
the total profits are expected to exceed $400 billion, “a number we’ve never
seen before, and one that was built off the backs of working families who were
victimized by oil and gas executives’ greed,” according to Claire Moser, deputy
executive director of the US activist group Climate Power.
The stratospheric profits were criticized as “outrageous” by Joe Biden during
his State of the Union address on Tuesday. Biden said that “we’re still going
to need oil and gas for a while” but the US president attacked companies for
enriching shareholders through share buybacks rather than helping alleviate
rising gasoline costs for drivers."
Via Whuffo and Kenny Chaffin.
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
